Time is the friend of strong companies. With time strong companies increase earnings and shareholder equity, which eventually the stock market will reward by increasing their stock prices.

The best companies to own enjoy durable competitive advantages over others in their industries. They enjoy such competitive advantages because they provide an essential good or service.

More so than any other factor, underlying business operations in relation to stock price determine whether to buy, hold or sell a stock. If business operations remain strong, the decision to sell is rare.

Investors ought to eschew any form of short-term methodology for superior returns, even a methodology courting value-investor sensibilities (i.e., "buy low, sell high" on a short-term horizon, or "buy big on price crashes").